The IASB has issued IFRS 15 Revenue from Contracts with Customers. This completes one of the IASB’s major projects with the US FASB and overhauls accounting for revenue. Existing IFRS and US GAAP guidance is replaced with a single new revenue recognition model for contracts with customers. The sectors most likely to be significantly affected include telecoms, software, real estate, aerospace and defence, building and construction and contract manufacturing. However, all companies will be subject to the extensive new disclosure requirements.